I think part of the value drop is due to a fundamental lack of certainty over what has happened in the life of a used car, however short. Did it have undocumented problems, etc. If you buy a new car you don’t have that uncertainty.
The discount for the possibility that the last owner was in the bottom 20% seems to not take into account the positive aspects of a car that is at least 2 years old, 80% of the time.
They're some of the most over serviced and least questionable vehicles I've ever seen
The online JDM car auctions are fascinating to observe even if you're not interested in cars
They are typically driven by older people who want the latest shiny thing after the lease expires after 3-4 years vs being dumped due to issues.